4. The gambler wants to know whether or not the probability of winning with his new strategy is 0.50. What would you tell him? State your answer in complete sentences.
4. The gambler wants to know whether or not the probability of winning with his new strategy is 0.50. What would you tell him? State your answer in complete sentences.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Binomial Distribution
Binomial is an algebraic expression of the sum or the difference of two terms. Before knowing about binomial distribution, we must know about the binomial theorem.
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Transcribed Image Text:A Game of Strategy
Pretend that a Las Vegas gambler has developed a new strategy at blackjack. In order to test his new
strategy, he plays fifty games. He is interested in p, the probability of winning a game while using his
new strategy, proportion of games that are wins in a population of blackjack games. (He does not
know that under his new strategy, the probability of winning a game is p = 0.52). What is the
gambler's 95% confidence interval for p?
1. First we need to simulate the 50 games the gambler is playing. Use randBin( on your calculator.
Type randBin(50, .52) in your calculator, which will give you the number of wins for the 50 games.
How many wins are there?
2. Construct a 95% confidence interval for the 50 games played by the gambler.
3. Did the gambler's 95% confidence interval capture p= 0.52?
4. The gambler wants to know whether or not the probability of winning with his new strategy is 0.50.
What would you tell him? State your answer in complete sentences.
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